HUB Cyber Security Ltd. a leading provider of cybersecurity solutions and advanced data fabric, announced receipt of a Staff Delisting Determination from the Listing Qualifications Department of the Nasdaq Stock Market, LLC (“Nasdaq”). In accordance with the minimum bid price required for continued listing under Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”), the Company was provided until January 13, 2025, to regain compliance with the Minimum Bid Price Requirement, and as of this date the Company has not regained compliance with the requirement. Accordingly, the Staff Determination serves as a basis for delisting of the Company’s securities from The Nasdaq Stock Market.

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On December 18, 2024, the Company requested an appeal (the “Appeal”) to the Nasdaq Hearings Panel (the “Panel”) after being notified that its securities would be delisted from the Nasdaq Global Market unless the Company requests such Appeal. Accordingly, a hearing before the Panel has been scheduled for February 6, 2025. As a result of the Company having previously exercised its right to request an Appeal, such Appeal hearing request stays suspension or delisting action pending the Appeal hearing. While there can be no assurance that the Panel will determine to allow the continued listing of the Company’s securities on the Nasdaq Global Market, the Company believes that its currently improved financial position will support the continued listing of its securities, which will remain trading pending the Appeal hearing.

As previously disclosed, on December 11, 2024, the Company was notified that its securities would be delisted from the Nasdaq Global Market, unless the Company requests an appeal to the Panel by December 18, 2024, because a previously submitted compliance plan did not evidence the Company’s ability to achieve near term compliance with continued listing requirements or sustain such compliance over an extended period of time. The Staff informed the Company that the Panel will consider the Staff Determination in rendering a determination regarding the Company’s continued listing on The Nasdaq Global Market.

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Source – Globenewswire